The Research Of Special Treatment Of The A-share Market Announcement Effect

In order to curb speculation in the stock market operations and strengthen thesupervision of listed companies, China Securities Regulatory Commission on theShanghai and Shenzhen Stock Exchange Listing Rules, approved in December1997in For the first time to operate the exception of listed companies at reasonable opinionspecial Special treatment system is China unique risk warning system, the object isunusual for its listed financial condition or other abnormal position of the company.Financial indicators are shareholder wealth effect and impact on the liquidity of thestock significantly? Special handling events also affect how much wealth effect onshareholders and stock liquidity? This is the focus of this study.In this paper, a listed company to be implemented in2007-2013and revocationof special treatment for the study sample? Multiple regression analysis using financialindicators of the impact study on shareholder wealth effects and stock liquidity, At thesame event study validated the use of the stock market reaction to the specialtreatment of the event. The results showed that:(1) Equity shareholders have littleeffect on financial indicators and stock wealth effect mobility. Company size,solvency, profitability and growth and other factors have an impact on shareholders’wealth effect special treatment is implemented and withdrawn, but has no effect onstock liquidity.(2) the existence of China’s A-share market announcement effectspecial treatment, special treatment and special treatment revocation notice asignificant impact on shareholder wealth effects and stock liquidity. More significantaverage excess return over the average transaction or special treatment occur withinten days after the announcement event.(3) Notice special treatment effects in differentyears by the larger economic and market conditions affecting the year demonstrateddifferences.(4) The delisting risk warning plates also exist more significantannouncement effect, the risk of delisting announcement during a few days withsignificant cumulative abnormal returns and cumulative abnormal transactions.（(5)the Shanghai stock market announcement effect is more obvious darker, shareholderwealth effects and stock liquidity fluctuations becomes more apparent.Finally, the conclusions of empirical research, combined with the reality ofChina’s securities market. In this paper, to improve the regulatory regime for specialtreatment of policy recommendations, provide experience for the special treatment ofthe company and investor behavior.